Iran: OPEC decision not good for all members but won't protest

DUBAI: OPEC’s decision to retain its production ceiling is not beneficial to all OPEC member states, but Iran has refrained from protesting to maintain group solidarity, Iranian oil ministry news agency Shana reported the oil minister as saying.

“I don’t think that this decision is beneficial to all OPEC member countries because some countries in OPEC were against this decision,” Shana quoted oil minister Bijan Zanganeh as saying, citing an interview he gave to CNN.

“But because of the unity and solidarity of OPEC, we decided not to protest against this decision.”

On Thursday, Saudi Arabia’s oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers. (Reuters)